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 Audit interview questions  Audit Interview Questions (428)
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 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4370)
Question
what is the difference between cheque and draft
 Question Submitted By :: Audit
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
An important difference between the two is that a draft can
be issued only when the amount of the draft is submitted to
the bank. Whereas a cheque can be issued irrespective of
whether there is balance in the issuer's account or not.
Incase there is no balance in the issuer's account at the
time when the cheque is presented to the bank for
encashment, the cheque will get bounced.
 
Is This Answer Correct ?    258 Yes 30 No
Arijit Roy
 
Answer
# 2
Cheque and DD, both are negotiable instruments and to be
honored. But the basic diffrence is, check will be issued
by an account holder and whereas DD can be issued by a
banker only.... Cheque may get rejected due to lot many
reasons....but DD will not get rejected if u present.
(Some DDs were not accepted by Scheduled commercial banks,
as the DDs were issued by some problematic Co-op banks.
There are some other differences too.
 
Is This Answer Correct ?    128 Yes 16 No
Vyas
 
 
 
Answer
# 3
the bank takes a advance from the person who issues adraft
but at the time of check the bank didnt take amount to
issue a cheque.the cheque may be bounce when the balance is
nill in issuer account .
 
Is This Answer Correct ?    142 Yes 44 No
Durga Bhavani
 
Answer
# 4
The basic diffrence between the cheque and draft is that.
cheque is like postpaid and the draft is like prepaid.
means if you need to create the draft u have to pay first
to bank then bank will issue the draft. and in case of
cheque it is not needed that your account must have the
balance.
 
Is This Answer Correct ?    67 Yes 15 No
Amarjeet
 
Answer
# 5
Any one Can persume the Draft from bank in favour of others
but Cheque is not like that, to Issue cheque to others you
should maintain A/c with bank
 
Is This Answer Correct ?    47 Yes 8 No
Vinoth Kumar
 
Answer
# 6
following are the differences between cheque&draft
cheque draft
1 cheque is a negotiable 1 draft is also nego
instrument which is ordering tiable instrument
to pay certain some of amount which demands to
to certain person pay the amount


2 cheque may no
dishonoured
 
Is This Answer Correct ?    49 Yes 14 No
Ravi
 
Answer
# 7
Both are negotiable instruments, by Cheque a account holder
orders the banker to pay this much of money to the person.
Whereas by draft the depositor instructs the bank to pay
the amount to be bearer.
 
Is This Answer Correct ?    45 Yes 11 No
Vijaya Kumar
 
Answer
# 8
For issuing cheques, there wont be any commission if it is
to be transacted in the same bank. But for getting as well
as for cancelling the DD, we need to pay commission. DD can
be acquired from the bank by paying the required amount for
that, whereas the cheque will be worthful only when the
indicated amount is available in your savings account.
otherwise the cheque will bounce.
DD can be used by any unauthorised person if it is not
mentioned as account payee only.
 
Is This Answer Correct ?    38 Yes 12 No
Gobu Natarajan
 
Answer
# 9
difference between theses two items is dart is the
liability to the bank so this is issued by bank only.
cheque will issued by account hloder only .
 
Is This Answer Correct ?    31 Yes 10 No
Kiran
 
Answer
# 10
a draft is simply a conversion of money to a negotiable
instrument a draft cannot be issued without money where as
a cheque can be issued without sufficent balance in your
account later it may be liable for criminal liability.
 
Is This Answer Correct ?    11 Yes 6 No
Biswajit Jenamani
 

 
 
 
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